Biogen (BIIB) Stock Forecast & Price Target

Biogen's positive outlook is supported by its significant revenue generation from both its declining multiple sclerosis franchise, which contributed 40% of total revenue in 2025, and its CD20 collaboration agreements with Roche, accounting for an additional 19% of total revenue. The company anticipates revenue growth for its newer franchises, including Spinraza and Leqembi, forecasted to rise in the mid-to-high teens through 2028, following combined sales of $689 million in 2025. Furthermore, Biogen's acquisition of APLS for $5.6 billion is expected to enhance its nephrology/immunology portfolio and provide substantial long-term value, particularly through the potential growth of Empaveli and other strategic assets.

Biogen is expected to experience a mid-single-digit percentage decline in total revenue for FY26, resulting in an anticipated revenue of approximately $9.4 billion, equating to a projected decrease of $500 million primarily due to competitive pressures facing its multiple sclerosis franchise. The company's outlook is further hampered by challenges such as increased competition for Spinraza, leading to potential lower sales driven by patient numbers and reimbursement hurdles, as well as concerns related to approval and commercialization of newer treatments like Leqembi. Overall, Biogen's lack of near-term revenue drivers amidst significant threats from generics, biosimilars, and an increasingly competitive landscape contributes to a negative outlook for its stock.